Axis Bank Magnus Credit Card
Product Details
Credit Card Name :
Axis Bank Magnus Credit Card
Bank Name :
Axis Bank
Type :
Rewards Credit Card
Interest Rate :
3 % per month (42.58% per annum).
Eligibility :
Primary cardholder between age of 18 years and 70 years.
Add-on cardholder should be over 18 years.
Salary of Rs.18 Lakhs per annum or Annual Income Tax Return filed for Rs.18 Lakhs.
Resident of India
Pros
Welcome Benefit: Customers can choose any voucher worth INR 12,500 from options like Luxe gift card, The Postcard Hotels gift voucher, or Yatra gift voucher.
Rewards: Earn 12 eDGE points per INR 200 on spends up to Rs. 1.50 Lakhs and 35 eDGE points per INR 200 on incremental spends above Rs. 1.50 Lakhs in a calendar month. 5x reward points on spends via Travel eDGE.
Milestone Benefits: Up to 15% off on international and domestic Oberoi and Trident Hotels.
Other Benefits: International and Domestic lounge visits, dining delights, and offers on movie tickets.
The card also provides medical offers and benefits.
Cons
High annual fee.
Low cashback rate.
High eligibility threshold of minimum annual income of INR 18 lakh.
Pros & Cons
Welcome Benefits
Welcome Benefit: Customers can choose any voucher worth INR 12,500 from options like Luxe gift card, The Postcard Hotels gift voucher, or Yatra gift voucher.
Rewards System
Reward System: You earn 6 Axis EDGE REWARDS Points on every INR 100. The value of each point is INR 0.2. The effective cashback rate is 1.2%.
International Forex Markup
2%
Welcome Benefits and Reward System
Special Features
Up to 15% off on international and domestic Oberoi and Trident Hotels.
Eligibility Criteria
Primary cardholder between age of 18 years and 70 years.
Add-on cardholder should be over 18 years.
Salary of Rs.18 Lakhs per annum or Annual Income Tax Return filed for Rs.18 Lakhs.
Resident of India
Benefits
Airport lounge access
Movie ticket discounts
Dining delight offers
Medical insurance
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
You can apply for the Axis Bank Magnus Credit Card online or offline. Here are the steps on how to apply online:
Go to the Axis Bank Credit Card website. Search for Magnus Credit Card.
Click on the "Apply Now" button.
Enter your personal details such as your name, email address, and mobile number.
Enter your income and employment details.
Upload a scanned copy of your PAN card and Aadhaar card.
Select the credit limit you want.
Click on the "Submit" button.
An Axis Bank representative will contact you to verify your details and complete the application process.
Contact Details
1865 419 5555 & 1860 500 5555
Account Opening and Procedure
Axis Bank Magnus Credit Card
Axis Bank Magnus Credit Card is a premium credit card from Axis Bank. It has a ton of value add features such as free movie tickets, complimentary domestic lounge visits, concierge service, zero cash withdrawal fee, etc. However, the biggest flaw with the card is that it has a very low cashback rate of 1.2%.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Annual fee of Rs 12,500 + taxes, waived off in case of spend of Rs.25 lakhs in the preceding year.
Interest rate: 3 % per month (42.58% per annum).
Late Payment Fee: charged depending on the customer’s Total amount due; ranges from Rs. 0 - 1200.
Forex Markup: 2%
Cash Withdrawal Fee: INR 0
Reward Redemption Fee: INR 0
Fuel Surcharge
1% of the transaction value, plus applicable GST. However, for transactions between Rs. 400 and Rs. 4,000, the fuel surcharge is waived, capped at a maximum of Rs. 400 per month.
Billing Cycle
30 Days